SEBI approves Wipro’s proposal to meet minimum public shareholding requirement

10 May 2013 Evaluate

Wipro has received SEBI’s approval whereby the regulator has approved the company’s proposal to meet the minimum public shareholding requirement through a transfer of equity shares by the promoter group to an ‘Irrevocable Independent Trust’ with Trustees either from public sector banks or public financial institutions for advancing philanthropic activities through its beneficiaries. JM Financial acted as the advisor in this matter.

The Irrevocable Independent Trust shall be categorized as public shareholding for the purpose of the minimum public shareholding criteria of 25% specified under the Securities Contract (Regulation) Rules, 1957 and clause 40A of the Listing Agreement.

Wipro and the promoter group have undertaken multiple steps to fulfill the minimum public shareholding requirement including Offer for Sale (OFS). The demerger of the diversified business is also expected to increase public shareholding. Any shortfall to meet public shareholding prior to due date of meeting the minimum public shareholding requirement would be transferred to the Irrevocable Independent Trust and the Trust shall effect a sale of such equity shares forming part of the trust funds within a period of two years from the date of such settlement.

Wipro Share Price

480.05 7.85 (1.66%)
28-Mar-2024 16:01 View Price Chart
Peers
Company Name CMP
TCS 3883.55
Infosys 1498.80
HCL Tech. 1543.30
Wipro 480.05
Tech Mahindra 1250.40
View more..
© 2024 The Alchemists Ark Pvt. Ltd. All rights reserved. MoneyWorks4Me ® is a registered trademark of The Alchemists Ark Pvt.Ltd.